Accounts and statutory compliance

A charity is required to prepare annual accounts in accordance with UK accounting standards, just like any other UK entity, as well as with the Charities Act and (perhaps) the Companies Act. But a charity’s accounts must also comply with the Statement of Recommended Practice (also known as the charity SORP). The SORP applies UK accounting practice for charities and sets out the accounting treatments that charities must follow.

As a result of this specific reporting framework, a charity’s accounts have a different format and different information to a standard commercial company.

The accounts include a detailed Annual Report by the Trustees, setting out the aims and objectives of the charity, how these have been met during the year and plans to achieve these in the future, and supported by a financial review. The Annual Report must include specific disclosures, and accompanies the detailed financial statements and notes.

At Goodman Jones, we have vast experience of preparing charity accounts in the required format and in accordance with the relevant legislation. Our specialist charities team is also fully versed in the requirements of the Charity SORP, pro-actively advising clients on the proposed changes to the forthcoming new SORP.

In addition to preparing annual accounts, a charity must submit an Annual Return to the Charity Commission, and may have additional statutory reporting requirements for Companies House. We ensure that all necessary statutory documents and company secretary matters are completed in a timely manner and by the relevant submission deadlines.

 
 

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